Peach Payments, a South African fintech, has formed an alliance with one of the country’s top four banks in a bid to target ecommerce sites.
Peach Payments now accepts Nedbank Direct EFT as a payment method on ecommerce sites that use its platform.
The fintech company said today that Nedbank Direct EFT enables online shoppers to make secure and safe payments straight from their Nedbank bank account, without having to input their card details or reveal bank login information on a merchant’s website.
Nedbank Group is one of South Africa’s four largest banks, providing wholesale and retail banking services, as well as insurance, asset management, and wealth management.
The emergence and expansion of a number of financial technology companies in industries previously dominated by major incumbents has transformed the financial services ecosystem, according to Tapestry Networks, a management consulting services firm.
It says although incumbents first saw fintechs as a competitive threat, bankers now see them as potential partners in launching new products and services and migrating away from old systems.
The Impact It Will Have on Ecommerce Sites
Rahul Jain, co-founder and CEO, Peach Payments, said: “We expect very quick adoption of Nedbank Direct EFT by businesses that want to offer their customers easy, safe payment options
“This is another positive step toward the goal of opening up ecommerce to more consumers in a safe and reliable way.”
Nedbank Direct EFT is an example of the technology trend known as open banking, says Peach Payments in statement.
It explains further: “This banking practice provides third-party financial service providers with open, permission-based access to consumer banking, as well as financial data such as transactions from financial institutions. It is widely considered a key way to democratise financial services, as it gives consumers more choices in how they manage their money.”
“Nedbank Direct EFT prioritises the safety of customers’ details while offering the convenience of an efficient payment method for Nedbank customers when shopping online or making bill payments,” says Thabiso Wessie, Nedbank senior specialist for emerging payments.
Read Also: BRKZ Eyes MENA Expansion with $8 million Series A Funding
Nedbank Direct EFT is the latest of several similar services available on Peach Payments’ platform, including Capitec Pay.
Founded by Jain and Andreas Demleitner in 2012 in Cape Town, Peach Payments has become one of largest online payment gateway in South Africa, with activities in Kenya and Mauritius.
Brief History of Peach Payments
Peach Payments began after a chance meeting between Rahul Jain and Andreas Demleitner in 2009. As immigrants to South Africa, they were unsure if they would remain – or even when their paths would next cross. But the two knew they had complementary traits. So two years later, they decided to reunite in Cape Town under the banner of Peach Payments – with an ambitious goal of revolutionising the online payment space in South Africa.
Peach Payments moved through the Google Umbono accelerator programme a year later and then immediately set about identifying and solving problems that online merchants were experiencing.
From day one, Peach Payments’ co-founders have prioritised their values of trust, integrity, and customer-centricity, and these are still the backbone of the business.
The payment solutions that we presented to our first clients. Some of whom are still present-day clients – remain the most important to the fundamentals of the business. But nearly ten years on, it has rapidly expanded its suite of tools to help online businesses scale.
“Payments is an infrastructure play. It’s the roads and the highways that others will drive their trucks on and build their businesses on, and that’s how we built this business.” – Rahul Jain.
Frequently Asked Questions
1. How does Peach Payments work?
Peach payments enable businesses to make bulk EFT payments. Example usage could be to pay out, suppliers, partners, employees or customers who paid for goods and services via EFT, and need to be refunded. Please see our documentation hub which contains copyable snippets with additional code snippets.
2. Is Peach Payments legit?
Yes, they are legit with bank-enabled two-factor authentication and industry-leading fraud detection tools. Every online business needs to make sure it is easy for customers to do that quick click through to purchase.
3. What countries is peach payment available in?
They currently work with businesses in South Africa, Kenya and Mauritius, and they are rapidly expanding our presence to other countries across the continent.
4. Who is the CEO of Peach Payments?
Rahul Jain is the CEO and co-founder of Peach Payments, an online payment platform. It’s the second-largest online payment gateway in SA, was founded by Jain and Andreas Demleitner in 2012 in Cape Town.
5. Does Peach Payments accept PayPal?
Yes they do! Provided the country your customers are from are PayPal-friendly- like the USA.
6. How long does Peach Payment take to reflect?
Peach Payments makes a single deposit for all your payment methods (except Mobicred) into your bank account on one day, and you should see it reflect in your bank account the next day, depending on bank clearing periods.
7. What is the Payflex?
Payflex is an innovative eCommerce payment solution that can help online retailers make more sales. It enables consumers to break up the cost of their purchase into four payments. They receive their goods upfront, but they are able to pay for it in instalments every two weeks, at no additional cost to them.
